GIC Re to Appeal Rs 350.47 Crore Income Tax Demand
GIC Re received an Income Tax demand of ₹350.47 Crore for AY 2023-24. The demand includes TP additions, disallowance of expenses, and provisions. The company plans to appeal the order at the NFAC within 30 days, with no immediate financial impact stated.
The tax demand is substantial (₹350.47 Crore). While the company intends to appeal and has not yet quantified a direct financial impact, such demands can potentially affect future financial statements if not resolved favorably.
The company has received a significant tax demand, which is negative. However, they plan to appeal the decision and have stated no immediate financial impact, maintaining a neutral outlook.
General Insurance Corporation of India (GIC Re) has received a Notice of Demand under Section 156 of the Income Tax Act, 1961, from the Assessment Unit, Income Tax Department. The notice pertains to assessment year 2023-24, with a demand of ₹350.47 Crore.
The demand is based on several grounds, including Transfer Pricing additions of ₹88.84 crore, disallowance of ₹2.70 crore for 14A expenses, ₹565.01 crore for payments made to unregistered GST entities, ₹52.81 crore for amortization of investment premium, and ₹329.48 crore for provisions for doubtful debts.
GIC Re intends to appeal the order before the National Faceless Appeal Centre (NFAC) or pursue other legal options. The company stated that the impact on its financial, operational, or other activities is currently assessed as NIL, as it plans to consult direct tax consultants and file an appeal within 30 days of receiving the notice on 10th April 2026.
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